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Baht begins to move steadily, says BoT

BANGKOK, Oct 27 – The baht has begun to hold still and move up and down in a more regular manner, according to the Bank of Thailand (BoT).

Senior Director Wongwatoo Potirat of the BoT Financial Markets and Reserve Management Department said the baht had moved in a narrow range and in both selling and buying directions.

It had eased the central bank’s concern about the continued strengthening of the currency. However, the bank would continue monitoring the situation closely.

Regarding the US Federal Reserve’s announcement it would launch a second edition of quantitative easing (QE) soon, or inject an additional US$500 billion into the system soon, he said the market had absorbed the news to a certain extent because FED had made clear its stance on the matter earlier.

Because of this, he thought the impact would not be adverse as the measure is expected to be gradually implemented.

Even so, central banks around the world including BoT had already monitored the Fed's move.

Asked whether the central bank is likely to re-impose the 30 per cent capital requirement or reduce the reserve provisioning portion to control capital inflows, Mr Wongwatoo said the measure would be adopted as a last resort because it could cause severe repercussions. (MCOT online news)

-- TNA 2010-10-27

[nong38]

Well with my magnifying glass I detect,yes a ver small movement, why bother reporting that, the main reason its going of late is the dire state of western economies, when they get themselves back into some sort of shape the bht will fall against them but that is not going to be any time soon. If the bahts as reached its zenith then it will now move up and down in a small range until the major economies return to form.